HomeMy WebLinkAbout2093R. Inepectio~. l~ender mxy make or cauae to be made maaonable entries upon and inapectiune olthr property, provided lha/ l.ende~ ehall
Rive liorrower notice prior W any euch inepection e~xrifying reaeonable cause therefor releted to l.ender'e interest in the Pruperty. ••
9. Condemnetiun. 7'he proceeda of any award or claim for damages, direct or coneeyuential, in connection with any rnndemnation or
other taking of the pn~perty, or part thereof, or for conveyance in tieu of condemnation, are hereby aseigned aod ehall be paid to Irnder.
In the e~•ent of a total taking of the E'roperty, the proceeds ehall be applied to the euma secured by this Mo~age, wilh the ezcese, if any,
paid to F3orrower. In the event of a partial taking of the Pn-perty, unleea fiorruwer and i.ender ~therwixe agree in writing, there ahall be
npplied to the aume aecured by this Martgage auch propnrtion of the proceede ux ia equal to that proportion which the amount of the eume
xecured by thia Mortgage immediately prior to the date of taking beara to the feir market value of the I'roperty immediately prior to the dste of
takinK, w~"th the batance oi tl~e proceeda paid to liorrower.
If the Property ie abandunecf by t3ormwer, ur it, After notice by l.ender to 13oROwer thal the condemno~ uffers to make an award or eetUe a
claim for damages, E3orrower fails to reapond to l.ender within :30 days after the date euch notice is mailed, I.ender ie authorized u, collret and
apply the pnKerda, et [.ender'a option, either to reetoration or repair of the property or to the euma eecurcd by thia Mortgs-ge.
Unlese l.ender and F3orrower otherwiee aRree in writing, any such application of proceeds W principal ahall not extend or }~oxtpone the due
date of the monthly inalallmente refrrred to in paragraphe 1 and 2 hereof or change the amuunt of such installmrnta.
1~ Borrow:~r Not Releaeecl. Exteneion of the time tor paym ~nt or modification of amortization of the auma se~cured by thia Slortgage
grt~nted b>• I.ender to any aucces.sc~r in intereAt of F~rrower ahtill not operate to releuse, in ~ny manner, the liability of the oriRinal Aorrower
tind Borruw•er's auc~esxorx in intereat. I.ender shuli not I~e reyuired to cY,m~arnce prucerdinKa aKi-inat auch succeuxor or refcae :o extend time
f~~r p::pmc~nt ~~r utherM ise m~~dif~ amortization uf thr sumx securc~l by this MortKxKe by re.isun uf ciny demand mi-de by the uriginal Burruwer
and 13orruwer's su~•c~~surc in interrst.
I I. Forbearance by Lender Not a Weiver. Any forF~urance by l.ender in ~xercising any right or remedy hereun~er, or otherwise
xffurded by applicabie law, ahall not be a waiver of or preclude the exercie~e of any such riqht or remedy.l'he procurement otinsurance or the
payment of taxes or other liens or rhargeb by Ixnder ahall not be a waiver of l.ender'e right Lo accelerate the maturity of the indebtedneas
e~ecured by thie Mortgage.
1'l. Remediea Cumulative. All remediea provided in thia htortgage are distinct and cumulative to any other right or reme.~y under thie
~lortcage or afforded by law or equity, and may be exercise~ concurrendy, independently or succeaeively.
13. Succreaore and Aaeignn 8uund; Joini and Sevrrai Liabiiily; Captione.'i"ne cuvrnant~s s~nd ag:remrnts herein containrd ahaii
t~ind, and the righte hernunder ahall inurn to, the respertive succesaors and assigne of l.ender and l3orrower, xubject to the pruvisiona of
pxragraph 1; hereof. All co~•enants nnd agreements of E3urrower shail be joint and several. The captiuns and headinge~ of the paragraphs of
thia hlortgage are for covenience oniy and are not to be used tu interpret or d~fine the proviaions hereof_
' 14. Notice. F:xcept for ~ny noti~e reyuired under applicubir law to be Kivrn in another manner, ~a1 any notice t~~ I3orrower provided for in
this A1ortKaKe shull be given by mailinK such notice by certifird mail addresaed to Born~wer at the Yroperty Addresa or at auch other addreae se
F~orrower may desiKnatr by notice to l.ender as providc~ci herein, and Ih- any notire U~ I.ender shall 4~e Riven by certified mail, return receipt
req uested, tu l.end~ r's addrrss sts~ted her~•in or to such other address as l.ender may dc~iKnate by notice to Rorruwer ax pr~n•ided herein. Any
; atice pruvidc~ for in this MortgaKr ahall kx~ dremE~ to hn~•e F-een given tu &~rruwer ur I.rnder when given in the manner deeignated herein.
I i. Uniform Nortguge; (:overning I.aw; Severability. 7'his form of mortKaKe cumbinrK unifurm ni~ enantrz for national uae and non
un~form covenants N~th limited variutiuns by jurisdiction to rn~stitute a uniform security instrumrnt a~verin{; real property. This Mortgage
shull be Kuvrm~d bp the law of the juri~dictiun in w~hich the Property is Icxatcd. In thervent th.it any pro~~i~iun or cl:iuese otthis Mort~ageor
the \ute cnnflict. w•ith applicable 1.-w•, such cunAict shall nut ~tffec•t other provisions of this 31urtK.iKe or the \ott• which can t~ given elfect
withuut the n~nllictinK pn~vitiiun, and to thi~ rnd the pruvi~;iunx of the l1lnrtKaKe and the tiote are dee•tared tc~ }~e tieverable.
iK. Korrower'B Copy. tiorruwer shnll be furn~st~~rf a cunfurmc~f cupy ot the Note and of this MortKaRe at thN time of execution or after
recordation hereof.
17. Tranefer ~-t the Property; Aa»umption. If all or any part uf the 1'roperty ur an interest therein is suld ~-r tranaferred by f3orrower
withuut I.~nder'~ priur written consent, excludinK ~ar the creation of a lien or encumbrance subordinate to this MvrtgaKe, !b1 thecreation of a
purchase muney sc~•urity interrst for :~uusehold appli:-ncrs, Ic1 a tr:~nsfer by devise, d:scent ur by operation uf law upon the drath of a joint
tenant or (d 1 the Krant of an~ le.-.~ehold interest of three ~•ears or lesa not cc~ntaininK an option to purchase, l.ender may, at I.ender's option,
declare all the sums se~vred by this ~tnrtgage tu }-e immediyte:~ due and payable. I.ender ahal! have wai~•ed such opt:on to accelerate if, prior
w the s:;le or transfer, i.e nder and the persun G~ wh~~m lhe YrupPrty is to b-r sold or trnnsferred reach aKreement in writing that the credit of auch
E~eryun is satisfacton~ tu I,endFr and that thE~ interrst pa>:~M~• un the sums ~ecunYl by this .41ortKaKr ~hall tx~ at such rate as t.ender shall
rec~u~~t. If Ixnder h.~s w•aiv~d the uptiun tu :~cc~t•It~r.~t~~ prr~~•~de>d in this paraKraph 17, and if liorrow•er's succt~~nr in intereect haq executed a
wntten assumptiun aKrerment accepted ~n w~ritin~ i~~• I w~ndcr. l~•nder sh:ill n•It•ase Rurn ~w•er frum all ohliK~tiuns under this ~turtKaKe and the
\ ute.
1 f l.ende•r exer~•isc~ such opt~un tn acrf~leratf•. I w~ndNr ~hall m:iil lt~~rruw-er nutice of acceleratiun in acc~,rdance with paraKraph 14 hereof.
luch nutire shul! pro~•idF .~ perii~ ~rf nut less than :i~l d:n•s fr~~m th~• dat~• thr nutice i~ rr.:~il~1 with~n w•h-ch Rorruwer mav pa~• the sumv declared
due. If Horr~~w•rr fai7s tu pav su~h sum:: pnur tu th~• ~~xpir:itiun nf such {x•n~x1, I.rndNr ma~•, w•i.h~~ut furthrr nntic•e or riem.ind on fi~~rrower,
invnke:~ny rrmr~itw pe~rmitlf~cl bt~ p:uaKr:~oh 1N hf~rr~~f.
17-A. The proceeds of the loan evidenced by the pron:issory note secured hereby have been
procured by Lender pursuart to Loan Agreement between HOUSING FINANCE AUTHORITY OF ST. ~
LUCIE C~UNTY, Florida, and Lender, the interest of the Housinq Finance Authority of St.
Lucie County, Florida, in said Agreement haviny been assigned to FLORIDA NATIONAL BANK OF
"~IAMI, Florida, as Trustee under a trust indenture frem sa~d Nousing Finance F-uthority of
St. Lucie County, Florida. Under the terrns of said Loan Agreement which expires at such
Li:ne as all the Bonds shali have been fully paid or provision made for such paymer~t pursu-
ant to the Indenture, whichever shall be earlier, certain loan guidelines are imGosed upon
Lender which must be adhered to by Lender and Borrower, any default in which by Borrower
shall automatically accelerate all remaining unpaid installments remaining due under the
promissory note secured hereby. A copy of the Loan Agreement is on file with Lender,
Housing Finance Authority of St. Lucie County, Florida, and Florida National Bank of Miami,
available for examination by any party during legal business hours of each business day.
Among other things, the loan guidelines in said aqreement provide as follows:
"Plortgage loans, with the exception af FHA-insured or VA-guaranteed rnortgaye
l~ans, may not be assumed except by a person or family which would liave been
eligible for a mortgage loan originally under these guidelines for a term not
to exceed the term of this agreement. The interest rate on the mortgage loan
n;ay be increased in the event cf such an assumption, but only after the agree-
ment has terminated. In the event a mortgage loan is assumed, lender may not
charge or impose an assumption fee in excess of one ~ercent of the outstanding
principal amount of the mortgage loan."
If any part or parts of this Covenant 17-A is in conflict with any part or parts of Covenant
17, suPra, the terms of this Coverant i7-A shall prevail.
~~~`,x 351,~ ~~t 2089